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What is the relationship between total debits and credits on thetrial balance?

If the trial balance is in balance is this a guarantee of noerrors? Why or why not?

What do we use the trial balance for?

What are the three types of trial balances?

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Collen Von
Collen VonLv2
6 Jul 2019
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Related questions

Organic Floral is an organic flower shop. After its firstquarter of operations, the company’s accountant prepared thefollowing trial balance, in alphabetical order. The accountant alsotells you that net income for the quarter was $35,000.

Use the trial balance along with the net income information toprepare a balance sheet for Organic Floral.

Debits

Credits

Accounts payable

$4,600

Accounts receivable

$400

Bank loan for van

26,400

Cash

26,000

Common stock

2,000

Cost of goods sold

24,000

Delivery van

36,000

Gas for van

1,000

Tax expense

4,000

Insurance expense

2,000

Inventory

7,600

Prepaid insurance

2,000

Rent expense

3,000

Salaries expense

16,000

Sales

85,000

Taxes payable

4,000

Total

$122,000

$122,000

The general ledger of the Karlin Company, a consulting company,at January 1, 2013, contained the following account balances:Account Title Debits Credits Cash 30,000 Accounts receivable 15,000Equipment 20,000 Accumulated depreciation 6,000 Salaries payable9,000 Common stock 40,500 Retained earnings 9,500________________________________________________________________________________ Total 65,000 65,000________________________________________________________________________________________________________________________________________________________________________________________________________ The following is a summaryof the transactions for the year: a. Sales of services, $100,000,of which $30,000 was on credit. b. Collected on accountsreceivable, $27,300. c. Issued shares of common stock in exchangefor $10,000 in cash. d. Paid salaries, $50,000 (of which $9,000 wasfor salaries payable). e. Paid miscellaneous expenses, $24,000. f.Purchased equipment for $15,000 in cash. g. Paid $2,500 in cashdividends to shareholders. 1. Accrued salaries at year-end amountedto $1,000. 2. Depreciation for the year on the equipment is$2,000.

3. Prepare the closing entries.

4. Post the opening balances, transactions, adjusting andclosing entries into the appropriate t-accounts

5. Prepare an unadjusted trial balance.

6. Prepare an adjusted trial balance.

7. Prepare an income statement for 2013.

8. Prepare a balance sheet as of December 31, 2013.

9. Prepare a post-closing trial balance.

The general ledger of the Karlin Company, a consulting company, at January 1, 2018, contained the following account balances: Account Title Debits Credits Cash 33,500 Accounts receivable 10,000 Equipment 15,000 Accumulated depreciation 4,500 Salaries payable 6,000 Common stock 41,000 Retained earnings 7,000 Total 58,500 58,500 The following is a summary of the transactions for the year: Sales of services, $102,000, of which $30,600 was on credit. Collected on accounts receivable, $22,000. Issued shares of common stock in exchange for $7,500 in cash. Paid salaries, $37,000 (of which $6,000 was for salaries payable). Paid miscellaneous expenses, $20,000. Purchased equipment for $10,000 in cash. Paid $2,425 in cash dividends to shareholders. Accrued salaries at year-end amounted to $740. Depreciation for the year on the equipment is $1,500. Required: 2., 5, & 8. Prepare the summary, adjusting and closing entries for each of the transactions listed. 3. Post the transactions, adjusting and closing entries into the appropriate t-accounts. 4. Prepare an unadjusted trial balance. 6. Prepare an adjusted trial balance. 7-a. Prepare an income statement for 2018. 7-b. Prepare a balance sheet as of December 31, 2018. 9. Prepare a post-closing trial balance.

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